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NEWS BULLETIN

January 16, 2012 --- Vol. 18, No. 5January 2012

Buccaneer begins production from Kenai Loop

Buccaneer Energy Ltd. is the newest natural gas producer in Alaska.

The Australian independent brought the Kenai Loop No. 1 well online on Jan. 14, according to the company. Buccaneer said it expects to produce up to 5 million cubic feet per day from the well for up to three months while it monitors reservoir pressure.

Through contracts negotiated last year, the company will sell Kenai Loop gas either into Enstar Natural Gas Co’s daily winter auction, a local spot market for supplies during peak demand, or to ConocoPhillips for use in the Kenai liquefied natural gas facility.

“We are extremely proud of the speed and efficiency our team has displayed in going from discovery to permitting and production at Kenai Loop in less than nine months. This includes the construction of a pipeline and the facilities necessary to drill, produce and transport a substantial amount of natural gas,” Buccaneer Director Dean Gallegos said in a statement. “Buccaneer is looking forward to an active 2012 with drilling at Kenai Loop likely to commence in second quarter 2012, prior to the start of its offshore program.”

—Eric Lidji

See story in Jan. 22 edition, available online at 11 a.m. Friday, Jan. 20 at www.PetroleumNews.com

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